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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14674 / October 2, 1995
SECURITIES AND EXCHANGE COMMISSION v. MET CAPITAL CORPORATION AND
JEFFREY HACKMAN, Defendants, United States District Court for the
Southern District of Florida, Civil Action No. 95-8596.
The Securities and Exchange Commission filed a civil enforcement
action on September 27, 1995 in the United States District Court
for the Southern District of Florida naming as defendants Met
Capital Corporation (Met) and Jeffrey Hackman.
The Complaint alleges that Met and its then President, Jeffrey
Hackman, made misrepresentations of material fact while acquiring
control of other companies in exchange for Met stock including
Met's intention to infuse cash into the acquired companies.
Met, under the control of Jeffrey Hackman, filed reports with the
Commission which failed to disclose such material information as
the fact that certain material transactions for Met had been with
companies also under the control of the Hackman family and that
Jeffrey Hackman had previously been associated with companies for
which bankruptcy petitions had been filed.
The Commission's Complaint requests that the Court enjoin the
defendants from violating Section 17(a) of the Securities Act of
1933 and Sections 10(b) and 13(a) of the Securities Exchange Act
of 1934 and Rules 10b-5, 12b-20, 13a-1, 13a-11, and 13a-13
thereunder. The Complaint also asks the Court to impose civil
penalties on the defendants.